The cryptocurrency market is stabilizing overall. What I mean is that crypto is maturing while overall enthusiasm for the asset class continues to find an equilibrium. It is maturing in the sense that it is gaining wider acceptance and becoming less likely to be viewed as a scam. It is legitimately integrating with the current financial system and will only continue to become more mainstream. This has led to the rise of top cryptos to buy.
Demand is stabilizing at the same time. That’s largely a result of the slowing of interest rate hikes as the economy cools. That suggests we may be entering a period of calm overall.
Whether that’s true or not, it’s a good idea to pay attention to these top cryptos to buy.
Bitcoin (BTC)
I believe Bitcoin (BTC-USD) will continue to improve overall. It has gone up and down dramatically over the past few years. It’s unlikely that it will suffer again as it did when it became obvious that rate hikes would begin. That much is pretty clear.
There are a few things to pay attention to in relation to Bitcoin and its prospects. One of the most important of which is the likelihood that spot Bitcoin ETFs should soon be listed on the Nasdaq. Several high-profile firms are getting closer to regulatory approval and big names continue to enter the market. Investors won’t have to own Bitcoin in order to benefit from its price movement soon as a result. Further, ETFs will serve to legitimize Bitcoin to a greater degree.
The net effect should be that Bitcoin experiences greater demand as a result. It is abundantly clear that Bitcoin is not going to fizzle out. Instead, it is becoming more and more integrated into the broader financial network and will stabilize while continuing to grow. This makes it one of those top cryptos.
Ethereum (ETH)
Ethereum (ETH-USD) and Bitcoin are one and two in the cryptocurrency market and will continue to garner the most attention as a consequence.
One reason to watch Ethereum is that the firm recently celebrated the one-year anniversary of its Merge. It has been operating through a Proof-of-Stake (POS) mechanism and no longer relies on computer mining to add blocks to the blockchain. Ethereum’s energy use immediately dropped by nearly 100% following the Merge. It hasn’t translated to a spike in prices but it is a strong marketing piece if nothing else. All in all, it’s definitely one of those top cryptos.
One of the other interesting things to pay attention to is that Ethereum is deflationary. 300,000 ETH have been removed from circulation since the Merge happened. At current rates, 1% of Ethereum’s supply will be removed every four years. Certainly, that’s not going to cause anyone to jump up and rush to buy ETH with urgency. However, it is something to think about in the long term and one more reason to assume its value will continue to increase.
Cardano (ADA)
Cardano (ADA-USD) has certainly been frustrating for investors. The coin enjoys a lot of positive sentiment that leads people like me to continually sing its praises. Yet, it has roughly halved over the past year despite all of the fanfare.
All I can say is that I continue to believe in Cardano and what it stands for. I’ve said it dozens of times Evidence-based development gives it a great chance to be developed into a project with long-term staying power. It isn’t a meme coin. It’s the precise opposite in that utility is the name of the game.
Last month I wrote in support of Cardano citing the fact that developers engage with it more heavily than any other based on GitHub activity. Keep that in mind because it’s a key piece of evidence suggestive that Cardano will succeed. Developers will make cryptocurrency into something greater than it is currently. They’re focused on Cardano because of what it stands for. That’s going to result in positive outcomes sooner or later. This helps make it one of those top cryptos to buy.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
